The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-09-22
SCARCITY OF MONEY.

naturalization OF Cleveland Criticized Very
Sharply by BANKERS.
New York, Sept. 21.-The World to-day
prints sn interview with leading banke.s
and merchants Of this city na to why
money is so rca!ce.
There is large variety OF view express.
ed, but tho preporderance OF opinion ia
that Congress is responsible icr the pres.
ent state Of affairs.
Some think that the Secretary O. the
Treasury should relieve the pressure by Il
liberal pnrchase Of bonds, but all think
that Congress should, at its next session,
reduce taxation. 1tseems from the inter.
views that the merchants are suffering for
money even mora thau the Wall Street
speculstoss.
President George s. Coe, OF tho Ameri.
can Exchange Bank, Gays: zone OF the
principal causes which have brought
about the s.riugency in the money market
is the universal enterprise and activity in
the country, which hss created demand
for all tho money and has scattered it over
a very largo area, so that i. does no. re-
turn ut this season to tho same exten. as
in former years. This dotici. come Just Mt
time when the great crops Of the coua.
try are to pe moved. The ADMINISTRATION
conld come to the relief by buying bonds
and depicting tho Treasury. They have
the money aud could do it."
President Williams, OF the Chemical
Bank, sayg 1t ta tho activity OF business
and the locking up Of money in the T.oao.
ury that is causing the trouble. He iavora
large purchases Of bonds.
President Tsppsn, Of the Gslla.in Ma.
tionRl Bank, favors the buying o. all kinda
Of Government bonds by the Treasury.
He thinks the present Treasury cGiciGls
have no policy.
Frederick p. Olcott, ,sPresident OF the
Central Trust Company, says: "rhe Gov.
ernment should buy all issues Of Govern.
ment bond5. II tho Government is sin.
cerely and earnestly in favor OF helping
the bueiness community, it must DO il en-
q larger acale than any attempted 80 far"
ia it tho general opinion tha: the Gov.
eminent has any fixed financial pnl!cy ?"
"The Government dosa not seer, to
have any f1sd policy ;iiancially. So lar
as can bo learned it hIs not aiy:sed with
any one outside Of Washington. In for.
mer timee, under Republican rule, xhen.
ever fiaancia! crisis Taa threatened, tho
Secretary OF the Treasury, or some ono
representing him, cana 10 New York TO
obtain the opinions OF men representative
in commercial ard financial iHtercen.
The administration does no. Hcacl 10 have
done anything of tho kind. Ordinarily,
with tight money market, it is Wall
street which clano1H for relief. In thia
inrtanCe it il not Wall street, but tho
commercial interesta that usk for assist
ance. II Is not the BpeculatorR, but tbs
merchants who wan: il. Wall street is
tot suffering. All the money necessary
can be obtained on good co!la.eya. d. aiy
per cent"
"rhs crIeia ia dne"--
"To tho constant and daily drain o! the
Treasury upon ou! coEmHrciAl Industries.
The Treasury is responsible for ii, and tho
Treasury oa!y can give W relisi."
"And the bset WY to aton IT,
"Thefe aTa two Ways. Tho !its. 10 10
take the du.y on certain thiDgs--:.lu nee.
essaries Of life; second, by plttias duties
on luxn'ibs 80 high that importation OF
those articles will Gease,"
Mr.. O'c1lt Is 4 Democrat.
presideut S:sx.rt, oil the United States
Trust Company, thinka there arc thseA
cauaes: Fret, tho locking up Of money
In the Trssaufy; R9coitd, Tho real estAta
speculation; third, tho vast amount Ct
railroad building In tho West.
Wm. Dosd, Pfesien, OF tho Ba.k Of
North AMIR ca, ssyh; "rhs Afs. Gang. IL
the creating in WsEtern c'ius OF vha. 10
called lcsorva c3HiAfs. UndH. thin NJ
sanvamont the money IL kept In Chicago,
st. Paul and other places instpGd OF here,
and the banks hGve not adjusted them
selves 10 this p'a'e q; s!inird. A year or
two ago We held i34 900 600 nj Rpt.iu mud
lega!a, two yea!a ago Slli eco 600, YinIa
now vo Only have 3SS.000, ,03O, and the
differences meanD los4 OF deposits, and
thlt1 Ia largely duo 10 theaa new rcg,ryG
centers. Then, again, yGbt GlnOunL OF
money hAH gonn TO build railroads, and
mos. ai ,ha. comes ifom hero. The ad.
ministta;ion could, II It wonld, relieve
bondB-aay !95, 0D0 coo to $40, ,0C0 0JD."
A. S. Hatch, FfBsident OF tho Sock tx
ehaneo, says: " nm not an slarnlist in
regard to thu maney market. do not bh-
lieve YB Br0 going to haye money psnlc
Buch Gs would shake the commoiGjal in
.ereala OF tho country; hut wo will have
ai.nh tight moncy market sa viii pune.
ture tho G:5y bubbles Of 4 bull ssocs mar.
kot."
Honry Clowa thinks ths. noney 10 not
particularly ecarce In Wall street.
II. X. Livermore, the nonr merchant,
Hays tho money scare Is not affecting
trade.
Ex.Mayor Ejson, = grain merchant,
thinks tho remedy 10 with Uongrcea. l!o
thinks the psMeut condition Of elia!,a very
goroun. lIe thinks ths merchants arc the
greatest nuiiGlorb.
Coffee msrchAntn think tha condition
asrionp, and balIove that tho Government
nhonld act Immediately.
CherleH y. Miller, rrORident Of tho Got
ton Exchange, maya: "rho laOt thing to
bs done In a Mutation liks thia 10 TO cry
aat likA hahibH In IAu Jut NJ NJ ,oijo1 Inv